Key Developments: Gyrodyne Company Of America Inc (GYRO.PH)
73.20USD
16 May 2013
$0.17 (+0.23%)
$73.03
$73.40
$73.40
$73.20
300
8
$115.39
$68.99
Latest Key Developments (Source: Significant Developments)
Gyrodyne Co of America Inc Announces Management Change-Form 8-K
Gyrodyne Co of America Inc reported in its Form 8-K that on February 14, 2013, the Board of Directors of the Company appointed Frederick C. Braun III as the President and Chief Executive Officer (principal executive officer) of the Company, effective February 25, 2013. As previously disclosed, the Company was in the process of seeking a new Chief Executive Officer (CEO) after its former Chief Executive Officer (CEO), Stephen V. Maroney, resigned effective August 16, 2012. In connection with the appointment of Mr. Braun as President and Chief Executive Officer (CEO), Gary J. Fitlin, who had been serving as interim President and Chief Executive Officer (CEO) since September 2012, resigned from such position, effective as of February 25, 2013. Mr. Fitlin will continue to serve as the Company’s Chief Financial Officer (CFO) and Treasurer, a position he has held since joining the Company in October 2009. Full Article
Gyrodyne Co of America Inc Declares $38.30 Per Share Special Dividend
Gyrodyne Co of America Inc announced that its Board of Directors declared a special cash dividend in the amount of $56,786,644, or $38.30 per share. The dividend is payable on December 14, 2012 to stockholders of record as of December 1, 2012. In July 2012, the Company received $167,530,657 from the State of New York in payment of the judgments in the Company's favor in the Company's condemnation litigation with the State, of which $98,685,000 is deferred for income tax purposes and $68,845,657 is considered REIT taxable income in the current year. As a result, the Board determined that it was in the best interests of shareholders to distribute $56,786,644 in the form of a cash dividend. Full Article
Gyrodyne Co of America Inc Announces Engagement Of Financial And Legal Advisors To Pursue Strategic Alternatives; Names Gary Fitlin As Interim President and Chief Executive Officer
Gyrodyne Co of America Inc announced that it has engaged Rothschild Inc. as its financial advisor to advise the Company with respect to maximizing shareholder value through one or more potential cash distributions and/or through a potential sale, merger or other strategic combination. The Company has also engaged Skadden, Arps, Slate, Meagher & Flom LLP as a legal advisor to provide corporate transactional and REIT tax advice in the strategic process. The Company also announced that its Chief Financial Officer, Gary Fitlin, was appointed by the Board of Directors as Interim President and Chief Executive Officer, effective immediately, while the Company continues its search for a replacement for Stephen V. Maroney, its former Chief Executive Officer and President who resigned as an officer and director effective August 16, 2012. Mr. Fitlin will also continue to serve in his current positions as the Company's Chief Financial Officer and Treasurer. Full Article
Gyrodyne Company of America, Inc. Announces Resignation Of President And Chief Executive Officer-Form 8-K
Gyrodyne Company of America, Inc. reported in its Form 8-K that on July 25, 2012, Gyrodyne Company of America, Inc. (Company) received written notice of the retirement of Stephen V. Maroney from his positions as the Company’s President and Chief Executive Officer (CEO) and as a Director, effective August 16, 2012. In light of Mr. Maroney’s retirement, the Company’s Board of Directors has commenced a search for a new Chief Executive Officer, which the Board expects to complete as soon as possible. Full Article
Gyrodyne Company of America, Inc. Receives Payment Of $167.5 Million In Condemnation Litigation
Gyrodyne Company of America, Inc. announced that on July 3, 2012 it received $167,501,656.95 from the State of New York (the State) in payment of the judgments in Gyrodyne's favor in the condemnation litigation with the State. The amount received consists of $98,685,000 in additional damages, $1,474,940.67 in costs, disbursements and expenses, and $67,341,716.28 in interest. The $167.5 million payment brings to a successful resolution Gyrodyne's case for just compensation, commenced in 2006 for the 245.5 acres of its Flowerfield property in St. James and Stony Brook, New York (the Property) taken by the State. The State had paid Gyrodyne $26,315,000 for the Property at the time of the taking, which Gyrodyne elected, under New York's eminent domain law, to treat as an advance payment while it pursued its claim for just compensation. The Court of Claims ruled in Gyrodyne's favor in June 2010 when it awarded the Company $125,000,000, thereby requiring the State to pay an additional $98,685,000 plus statutory interest of 9% from the date of taking on November 2, 2005 to the date of payment. That judgment, as well as a related judgment for costs, disbursements and expenses, was affirmed by the Appellate Division and the Court of Appeals. Full Article
Gyrodyne Company of America, Inc. Announces Appellate Division Affirms Court Of Claims Judgment In Condemnation Litigation
Gyrodyne Company of America, Inc. announced that the Appellate Division of the Supreme Court, Second Department, of the State of New York issued a unanimous Decision and Order in Gyrodyne's condemnation litigation affirming the judgment of the Court of Claims in June 2010 requiring the State to pay Gyrodyne an additional $98,685,000 plus statutory interest of nine percent from the date of taking on November 2, 2005 to the date of payment. The Appellate Division also affirmed a related judgment in favor of Gyrodyne entered by the Court of Claims in February 2011 for costs, disbursements and expenses in the amount of $1,474,940. The Decision and Order was issued in connection with Gyrodyne's claim brought in April 2006 for just compensation for the 245.5 acres of its Flowerfield property in St. James and Stony Brook, New York (the "Property"), taken by the State. The State had paid Gyrodyne $26,315,000 for the Property at the time of the taking, which Gyrodyne elected, under New York's eminent domain law, to treat as an advance payment while it pursued its claim for just compensation. The Court of Claims ruled in Gyrodyne's favor in June 2010 when it awarded the company $125,000,000, thereby requiring the State to pay an additional $98,685,000 plus statutory interest of nine percent from the date of taking on November 2, 2005 to the date of payment. Full Article
Gyrodyne Company of America, Inc. Announces Completion Of Rights Offering
Gyrodyne Company of America, Inc. announced that it raised $10.2 million , the maximum gross proceeds possible, through its just concluded rights offering. The rights offering concluded on September 22, 2011 and was extremely well received and oversubscribed to by approximately 50% beyond the $10.2 million maximum. In the rights offering, Gyrodyne distributed non-transferable rights to purchase 173,305 shares of its common stock at a purchase price of $53.00 per share to shareholders of record as of August 15, 2011 . In addition, Gyrodyne had the option to issue an additional 19,336 shares to honor over-subscription requests. The Company received subscriptions for approximately 294,685 shares, exceeding the maximum shares offered of 173,305, and the Company elected to exercise its overallotment option to issue an additional 19,336 shares to satisfy over-subscription requests. The net proceeds of the offering will be used for potential additional expenses associated with the condemnation litigation, pursuing development rights for the Flowerfield property, necessary capital improvements in Gyrodyne's real estate portfolio and general working capital. Full Article
Gyrodyne Company of America, Inc. Announces Terms For Rights Offering To Shareholders
Gyrodyne Company of America, Inc. announced that it has set the terms for its previously announced rights offering. Under the terms of the rights offering, Gyrodyne will distribute, at no charge, to the holders of its common stock as of 5:00 p.m., New York time, on August 15, 2011, one non-transferable subscription right for each share of Gyrodyne common stock then owned. Every 7.5 subscription rights will entitle the holder to purchase one share of common stock at a purchase price of $53.00 per share, which represents an 18.5% discount to the closing price of Gyrodyne's common stock on August 4, 2011. Any fractional rights resulting from the share allocation process will be rounded up to the nearest whole number. Assuming the rights offering is fully subscribed, Gyrodyne expects the gross proceeds of the offering to be approximately $9,210,000. If the over-allotment shares are issued, maximum gross proceeds in the offering would be approximately $10,210,000. Full Article
Gyrodyne Company of America, Inc. Announces Plans for Rights Offering to Shareholders
Gyrodyne Company of America, Inc. announced that it filed a registration statement on Form S-3 with the Securities and Exchange Commission for a rights offering in which shareholders will receive non-transferable rights to purchase additional shares of Gyrodyne common stock, par value $1.00 per share. The rights will be issued to all shareholders as of a record date, which will be determined promptly following the registration statement being declared effective by the SEC. The subscription price has also to be determined. Gyrodyne will provide notice of the record date and subscription price at such time as they are determined. Assuming the rights offering is fully subscribed, Gyrodyne expects the net proceeds of the offering to be approximately $9 million. The proposed rights offering will also include an over-subscription privilege, which will entitle a shareholder who exercises all of its basic subscription privilege in full the right to purchase additional shares of common stock that remain unsubscribed at the expiration of the rights offering, subject to the availability and pro rata allocation of shares among persons exercising this over-subscription right. The net proceeds of the offering will be used to pursue Gyrodyne's rights in its condemnation litigation, to fund the cost of pursuing development rights for its Flowerfield property, to make necessary capital improvements in its real estate portfolio and for general working capital. Full Article
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